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$1.2 million grant cements DRS expansion

Apr 14, 2009 - N.C. Gov.
Bev Perdue announced this week that DRS Technical Services Inc., a global aircraft services supplier, will expand in Pasquotank County. The company, which services U.S. Coast Guard C-130 aircraft in Elizabeth City, N.C., plans to create 100 new jobs during the next two years.

"North Carolina remains a leader in the aerospace sector and national defense, and this project combines both of those strengths," Gov. Perdue said. "Our state continues to support the expansion of global companies attracted by our skilled workforce, training programs, top business climate and quality communities."

The state's Economic Investment Committee met yesterday and voted unanimously to award a Job Development Investment Grant (JDIG) to DRS Technologies to facilitate this expansion. This is the third JDIG awarded in 2009. While wages will vary by position, the average annual wage for the 100 new jobs is $48,779, not including benefits, which exceeds the Pasquotank County average wage of $27,872.

DRS Technical Services is owned by DRS Technologies Inc., a Finmeccanica Co., and operates under the C3 and Aviation Group. DRS Technologies, headquartered in New Jersey, is a leading supplier of integrated products, services and support to military forces, intelligence agencies and prime contractors worldwide. Focused on defense technology, the company develops, manufactures and supports a broad range of systems for mission critical and military sustainment requirements, as well as homeland security. DRS has facilities in 27 states, Canada, the United Kingdom, Germany and Kuwait.

"When DRS explored expanding our global aircraft services business, North Carolina worked harder to rise above other possible locations," said Al Dietrich, president of DRS's C3 and Aviation Group. "State, county and local government agencies worked closely with us to support our expansion plans and create good-paying new jobs. Our group possesses some of the most advanced aviation services capabilities in the marketplace today, and with strong state and local government partnerships, we are well positioned to pursue opportunities for further growth in our North Carolina aviation facilities."

"This announcement shows what can be accomplished when local and state governments work together to build a business-friendly environment in northeastern North Carolina," said Elizabeth City Mayor Steve Atkinson.

DRS is an important member of Pasquotank County's business community and this expansion will provide much-needed jobs for the area, said Senate President Pro Tem Marc Basnight, D-Dare Co.

Rep. Bill Owens, D-Pasquotank Co., added, "DRS Technologies has already shown themselves a great neighbor and corporate citizen. This expansion is critical to Pasquotank County."

Earlier this year, DRS Technologies opened a new 80,000 square-foot hangar at its Elizabeth City site, the second hangar to be opened in three years.

Job Development Investment Grant (JDIG)
For each of the grant's nine years in which the company meets the required performance targets, the state will provide a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs. If the company creates the jobs called for under the agreement and sustains them for nine years, the agreement could yield as much as $1.18 million in maximum benefits for DRS and up to $208,500 to the state's Industrial Development Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded to one of the state's more economically prosperous counties such as Pasquotank, 15 percent of the grant award is allocated to the Industrial Development Fund to encourage economic development in less prosperous counties.

JDIGs are awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant. Since the first grant was awarded in 2003, the program has been responsible for creating commitments for more than 30,000 jobs and $5 billion in investment in North Carolina.

Other partners who assisted with this announcement include: the N.C. Department of Commerce, N.C. Community Colleges, N.C. Department of Revenue, the City of Elizabeth City, Pasquotank County, N.C.'s Northeast Commission, the Albemarle Economic Development Commission and the Elizabeth City-Pasquotank County Airport Authority.

"It's especially gratifying to see how cooperation between the Albemarle Economic Development Commission and the College of the Albemarle's (COA) Division of Continuing and Corporate Education contributed to DRS' decision to expand its operations in Elizabeth City," said Matt Wood, who chairs the Albemarle Economic Development Commission and COA Board of Trustees."

Other partners were equally pleased.

"The Pasquotank County Commission is proud to have been a partner in creating the conditions necessary for DRS' expansion," said Commission Chairman Marshall Stevenson.

"We are delighted to have helped make possible DRS' expansion at the Elizabeth City Pasquotank County Regional Airport," added Wayne Perry, chairman of the Airport Authority. "This announcement further validates the airport authority's strategy of providing infrastructure that enables expansion and capital investment by the U.S. Coast Guard's private-sector partners."

For more information about DRS Technologies, including employment opportunities with the company, visit http://www.drs.com/.

Jobs to Complement Work of New Elizabeth City-Pasquotank
Aviation Research and Development Park

The Governor's announcement is a boost to the Elizabeth City-Pasquotank County Aviation Research and Development Commerce Park, now six months into the first phase of construction. The $13 million aviation park is expected to attract more than $150 million in private investment and generate 500 well-paying, aviation-related jobs.

Upon completion, the 63-acre aviation park will connect the 7,200-foot runway shared by the U.S. Coast Guard and the Elizabeth City-Pasquotank Regional Airport, with a taxiway capable of accommodating C-130-sized aircraft and larger. Phase I will include as many as four hangars, the Elizabeth City State University (ECSU) School of Aviation Science and a College of the Albemarle facility for conducting its Air Frame/Air Plant maintenance certification programs.

The infrastructure for the Elizabeth City-Pasquotank Aviation Research and Development Commerce Park will be completed by May 2009, and the first of the ECSU School of Aviation Science and COA academic and technical programs will begin in the fall 2010.

In February 2009, Telephonics Corporation, a wholly owned subsidiary of the Griffon Corporation (NYSE:GFF), entered into a long-term agreement with the Elizabeth City-Pasquotank County Regional Airport to establish the Telephonics Technical Support Services Business in Elizabeth City. It is adjacent to the aviation park site.

About DRS Technologies, Inc.
DRS Technologies (www.drs.com), headquartered in Parsippany, N.J., is a leading supplier of integrated products, services and support to military forces, government agencies and prime contractors worldwide. The company operates a aircraft maintenance facility in Elizabeth City, N.C.

About AEDC
Located in Elizabeth City, N.C., the Albemarle Economic Development Commission (www.discoverec.com) markets business opportunities in the City of Elizabeth City and Pasquotank and Camden counties to prospective employers throughout the United States. For information, call the AEDC at 1-888-338-1678 or (252) 338-0169.

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